In the first eight months of 2007, CITY MORTGAGE BANK (GIB, Moscow) issued $50 million in mortgage loans in St. Petersburg. The volume of bank’s mortgage transactions in St. Petersburg stood at more than $110 million. In the first half of 2007, the volume of mortgage loans tripled compared with that at the same time last year. The bank’s mortgage brokers conduct about 25% of deals. More than 70% of loans are provided in US dollars in St. Petersburg, with 75% of them used to purchase apartments and country houses, as well as for other purposes with available apartments used as collateral. The overall volume of mortgage deals exceeded $550m. The bank provided more than 7,000 mortgage loans.
Source: FINNEWS.RU, September 24, 2007
